BBP said the negotiations were triggered by the likelihood that it would not be able to obtain a second investment grade rating before June 3.
"As previously advised ... a review event is triggered on 3 June 2009 in the event that BBP fails to obtain a second investment grade rating by that date,'' it said.
"The consequence of a review event being triggered is that the ... bank syndicate becomes entitled to review and renegotiate the terms of its loans with BBP.
"In anticipation of not meeting the rating requirement, BBP and the ... bank syndicate have commenced renegotiation of the ... facility.
"Should these renegotiations prove to be unsuccessful, it is possible that BBP's loans may be accelerated.''
BBP on May 15 downgraded its fiscal 2009 earnings guidance as a result of an onerous contract release provision and a deterioration in the performance of its underlying business.
It forecast normalised earnings before interest, tax, depreciation and amortisation (EBITDA) of between $260 million and $270 million, down from earlier guidance of $300 million to $310 million.
The earnings downgrade led to a review of the likely impact on its banking facilities. BBP said it continues to work with the bank syndicate and expects to achieve a successful outcome by July 31.
BBP stapled securities were down 3.2 cents, or 32 per cent, to 6.8 cents at 10.58am (AEST).
